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Aug 14 - 08:55 AM

AUD/USD - A 9-Month Low Is Hit Before Shorts Yield Some Ground

By Christopher Romano  —  Aug 14 - 07:30 AM
  • AUD/USD broke the May monthly low, hit a 9-month low of 0.6456 overnight

  • AUD acted as a proxy for China's yuan which sank on Country Garden report

  • AUD/USD bounced, likely 0.6450 barrier protection may have drove rally

  • Pair hit 0.6503, opened NY near 0.6495 and traded down -0.05% in early NY

  • Rise in Australia yields AU3YT=RR may have added to AUD/USD's lift

  • Daily bull hammer candle formed, may be a warning signal for AUD/USD shorts

  • Monthly techs remain bearish however, implies rallies may still be sold

  • Minutes of RBA's August meeting is an event risk in the Asia session

  • Australia Q2 wage index, China July sales, industrial output risks in Asia

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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